Establishes a five hundred dollar credit against income tax for nurses employed on a full-time basis for not less than six months and nurses teaching at institutions of higher education on and after January 1, 2026.
Summary
Bill S01262 aims to amend New York's tax law by introducing income tax credits for nurses. Specifically, it establishes a $500 tax credit for registered professional nurses and licensed practical nurses who are employed full-time for at least six months during the taxable year. Additionally, the bill provides a similar $500 credit for nurses who teach at institutions of higher education for at least six months. These credits are applicable for taxable years beginning on or after January 1, 2026.
Impact
The implementation of this bill will create financial incentives for both practicing and teaching nurses in New York. By providing tax credits, the state aims to support the nursing workforce, potentially improving retention rates among full-time nurses and encouraging more professionals to enter the teaching field. The credits will be treated as overpayments if they exceed the taxpayer's liability, allowing for refunds without interest, which may affect state revenue in the long term.
Sentiment
The sentiment surrounding Bill S01262 appears to be supportive, as it addresses the needs of a critical workforce in the healthcare sector. However, specific discussions and votes have not been documented, making it difficult to gauge the overall legislative sentiment fully.
Contention
While there are no explicit points of contention noted in the available discussions or voting history, potential concerns may arise regarding the fiscal impact of these tax credits on state revenue and whether they adequately address the needs of all nursing professionals, including part-time nurses or those in different specializations.
Same As
Establishes a five hundred dollar credit against income tax for nurses employed on a full-time basis for not less than six months and nurses teaching at institutions of higher education on and after January 1, 2026.
Establishes a five hundred dollar credit against income tax for nurses employed on a full-time basis for not less than six months and nurses teaching at institutions of higher education on and after January 1, 2026.
Establishes a five hundred dollar credit against income tax for nurses employed on a full-time basis for not less than six months and nurses teaching at institutions of higher education on and after January 1, 2024.
Establishes a tax credit for full-time nurses and a tax credit for teaching nurses; provides that the amount of such credit shall be five hundred dollars.
Establishes a child tax credit in the amount of six hundred fifty dollars ($650) for eligible taxpayers adjusted for inflation annually commencing January 1, 2027.
Establishes a child tax credit in the amount of six hundred fifty dollars ($650) for eligible taxpayers adjusted for inflation annually commencing January 1, 2027.
Increases the amount of the credit against taxes for long-term care insurance from twenty to forty percent and from one thousand five hundred dollars to two thousand five hundred dollars.